Archive for the ‘Innovation’ Category

The Artificial Intelligence Revolution: New Challenges & Opportunities

Due to its ability to substantially improve productivity and boost economic output, Artificial Intelligence (AI) is considered to be the next big technological revolution with the potential to increase economic growth rates by a weighted average of 1.7% and profitability rates by 38% across a variety of industries by 2035.

Read our latest Newsletter to explore the Canadian and global financial AI landscape and to learn more about how AI can maximize labor and capital capacity in almost every industry.

Based on a comparison of baseline growth in 2035 with an AI steady state scenario where AI has been absorbed into the economy

 

Elevate Toronto Tech Festival

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NorthBridge Consultants is excited to be attending the 3-day Elevate Toronto tech festival which will showcase the best in Canadian innovation.

Elevate Toronto is the city’s newest technology innovation festival and, this year, will focus on disruptive technologies that are expected to change the way we live and work.

With over 100 impressive keynote speakers and numerous opportunities for curated high-value networking, the festival will feature leaders in Artificial Intelligence, fintech & blockchain, and much more.

The festival is expected to draw over 5000 attendees including founders looking to scale up, investors searching for the next great start up, talent searching for the next big opportunity, and corporate innovators looking for professional development and networking.

Elevate Toronto is a non-profit organization, in partnership with the City of Toronto, and is led by TechToronto, MaRS, #movethedial, OneEleven, Cossette Communications and the Spotlight Awards.

The rapid speed of innovation and the development of disruptive technologies over the past few decades has radically transformed the way businesses, individuals, and machines operate and interact. Thus, disruptive technologies have deeply permeated global markets and industry applications. CEO and co-founder of Elevate Toronto, Razor Suleman, believes that “It’s our time” as “startups and corporate leaders are aligning with the government’s innovation agenda creating the perfect circumstances for accelerated growth.”

Festival Schedule:

September 12: Elevate Main Stage & Elevate Celebrate
September 13: Elevate Educate & King West Social
September 14: NewCo Toronto & Spotlight Awards; Timmy Awards

Get your Tickets today!

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$1.26B Canada Strategic Innovation Fund Launched

Manufacturers and technology firms who invest in innovation can now apply for repayable and non-repayable funding of up to 50% of eligible project costs under the recently launched Strategic Innovation Fund (SIF). 

If your company is investing in R&D or expansion, the SIF can help support the costs of direct labour, subcontractors and consultants, as well as overhead, direct materials and equipment, land and building and other direct costs.

Launched on July 5th 2017 with the objective of spurring Canadian innovation, the SIF provides funding under four streams:

  • Stream 1 (R&D)- Encourage R&D that will accelerate technology transfer and commercialization
  • Stream 2 (Expansion)- Facilitate the growth and expansion of firms in Canada
  • Stream 3 (Global Investment)- Attract and retain large scale investments to Canada
  • Stream 4 (Collaboration)- Advance R&D through collaboration between universities, non-profit organizations and the private sector.

With a $1.26B budget allocated for five years, the SIF provides a good alternative to IRAP funding. It consolidates and simplifies the previous Strategic Aerospace and Defence Initiative, Technology Demonstration Program, Automotive Innovation Fund and Automotive Supplier Innovation Program.

Contact us to today for a free, no obligation consultation to find out how the SIF can help you maximize your R&D and business growth initiatives.

Is a Canadian Patent Box System on the Horizon?

With the process of implementing a ‘patent box’ system ongoing in Quebec, much attention has been given recently to such a system across Canada to address our innovation gap—despite possessing one of the highest rates for R&D tax credits, Canada is lagging behind other leading developed countries when it comes to introducing innovation.

A patent box system is intended to foster the commercialization of intellectual property by reducing the percentage of tax applied to profits resulting from patented innovations. In contrast to SR&ED tax credits, which target the front end of the innovation lifecycle, a patent box regime targets commercialization, the last stage of the lifecycle. Therefore a patent box has the potential to mesh well with the SR&ED program to promote the entire R&D process.

The federal implementation of a patent box, however, would be neither straightforward nor cheap. The development of a robust framework would be required to determine the validity of claims and criteria for eligibility.

Many patent box systems have been introduced in developed countries within the last decade, especially in Europe. The UK program, for example, began in 2013 and reduces corporate tax on profit broadly related to the invention, from 22% to 10%. The Netherlands has had an innovation box system since 2007, which now encompasses a similarly broad range of IP, with a tax rate reduced from 25% to 5%.

Beginning in 2017, Quebec’s “innovative companies deduction” will allow revenue from innovation developed in the province to be taxed at 4% rather than 11.8%. The limitations to eligibility are an effort to keep the benefits of the tax reductions to companies based in Quebec. Other provinces, such as Saskatchewan, could be following suit soon.

While it is currently unknown when, or if, a Canada-wide patent box system is forthcoming, one thing that remains certain is that the debate on the need, benefit, and cost of the program will continue.  NorthBridge Consultants is dedicated to bringing you the most recent news and updates on various federal and provincial programs and will continue to provide updates on the topic of patent boxes as they become available.

NorthBridge Summer 2016 Newsletter

Lean Six Sigma Innovation

Direction

Editor’s Welcome — Lean Innovation: The Art of Making Less Into More

Continuous improvement in business is about more than just a set of operational principles to increase efficiency. It is a mindset, and a coprorate culture that is always geared towards finding better, more innovative solutions… Read more.

JIT

JIT, TPS, and the Roots of Lean Six Sigma

Lean Six Sigma is a management methodology that was proceeded by the ‘The Ford System’ and the ‘Just-In-Time’ (JIT) system that were developed to increase value in automotive manufacturing. Henry Ford developed the ‘The Ford System’ for producing the Model-T… Read more.

Henry

Guest Editor Spotlight: Henry Foppoli

As an Engineering Manager at NorthBridge Consultants for over five years, Henry manages a team of government funding specialists and assists clients in various industries such as automotive, plastics, tool and die, civil engineering, pulp and paper, oil and gas, and food… Read more.

Lean Six Sigma

Lean, SR&ED, and Innovation

Over the last century, Lean Six Sigma management principles have been successfully adopted by numerous companies of varying sizes and across diverse industries to gain an advantage in an extremely competitive environment… Read more.

Process Improvement

The Future of Lean Manufacturing

Lean Six Sigma management philosophy was born in a manufacturing sector from the realization that much time and resources are wasted on transportation, unnecessary movement, idle time, defects, over-processed goods, overproduction and inventory… Read more.

GDP

Creating Value in Transactional Businesses

Lean Six Sigma emerged in a manufacturing environment, but there is a growing trend of companies in the transactional industry implementing Lean Six Sigma practices. A wide variety of businesses including banks, insurance companies, hospitals… Read more.

Lean Startup

Preventing Financial Losses in SMEs and Start-Ups

Inspired by the high efficiency of large lean companies, small- to medium-sized enterprises, including start-up companies, have been adopting Lean Six Sigma management principles in order to develop high value processes with minimal waste… Read more.

Oil

Enhancing Innovation in Large Companies

One of the main challenges currently facing large established companies is maintaining a balance between achieving incremental product/service improvements with existing products/services for growing the current target market… Read more.

Innovation

Lean Innovation Leaders

Today’s business leaders face a range of challenges from domestic and international competition to changing consumer needs and global economic turmoil. The demand for innovation, both on the shop floor and in the board room, is strong… Read more.

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